Rangers in a strong financial position, claims owner Green

The chief executive says the future is bright for the Scottish Third Division leaders despite the £7 million losses they have announced for the last seven months of 2012
Rangers chief executive Charles Green has claimed that the Scottish club is in a strong position financially despite posting losses of £7 million for the final seven months of 2012.

The Scottish Third Division leaders suffered administration and demotion to the bottom tier of the country's league ladder at the end of last season.

And Green believes Rangers are well-placed to succeed in the future after they recorded revenue of £9.5m and a further £21.2m in the bank.

"It leaves us in a very, very strong position because those figures cover the period where we weren't even a member of the Football Association in Scotland, and we had huge wage bills when we first went in which have been trimmed down," Green told Sky Sports.

"It has been a very, very challenging six months looking to where Rangers were in administration to the successful float [on the stock exchange] in December which raised £35m."

Rangers are under transfer embargo until September but Green has promised to back manager Ally McCoist when he is next able to strengthen the squad.

"Ally will get cash to spend, but because of the transfer embargo that won't happen until January next year," he explained.

"But as you can see we are 23 points ahead of our nearest rival and we will win the league in the next few weeks. Rangers is in a great position and we have overturned the problems that brought the demise.

"[Former owner Sir David] Murray won the case against HMRC and then on Thursday the Lordship [Lord Nimmo Smith] announced there had been no benefits [from the Employee Benefit Trusts tax case] and sporting integrity had not been compromised.

"I think Rangers, Rangers fans and it's investors are in a great position."